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A Re–evaluation of the Relation between Wages and Unemployment in the United Kingdom

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  • Fatemeh Shadman–Mehta

Abstract

This paper examines the long–run or equilibrium relationship between wages, prices and the unemployment rate in the United Kingdom, using annual data covering the period 1860–1999. Using Johansen’s maximum likelihood method of testing for cointegration, two long–run relations are found in a small system of four variables. The first relation depicts the co–movement of the level of real wages adjusted for productivity, together with the unemployment rate and the rate of inflation. The second relation shows the co–movement between the rate of inflation and deviations of productivity from its trend growth.

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  • Fatemeh Shadman–Mehta, 2001. "A Re–evaluation of the Relation between Wages and Unemployment in the United Kingdom," Economica, London School of Economics and Political Science, vol. 68(272), pages 567-586, November.
    • Handle: RePEc:bla:econom:v:68:y:2001:i:272:p:567-586
    DOI: 10.1111/1468-0335.00262
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    Cited by:

    1. Max Gillman & Michal Kejak, 2005. "Contrasting Models of the Effect of Inflation on Growth," Journal of Economic Surveys, Wiley Blackwell, vol. 19(1), pages 113-136, February.
    2. Fumitaka Furuoka & Chong Mun Ho, 2009. "Phillips curves and openness: New evidence from selected Asian economies," Economics Bulletin, AccessEcon, vol. 29(1), pages 253-264.
    3. Max Gillman & Michal Kejak, 2007. "Inflation, Financial Development and Human Capital-Based Endogenous Growth: an Explanation of Ten Empirical Findings," CDMA Conference Paper Series 0703, Centre for Dynamic Macroeconomic Analysis.
    4. Burkhard Heer & Alfred Maussner, 2011. "The Cash-In-Advance Constraint in Monetary Growth Models," CESifo Working Paper Series 3647, CESifo.
    5. Dimitris K. Christopoulos & Miguel A. León‐Ledesma, 2010. "Revisiting The Real Wages–Unemployment Relationship. New Results From Non‐Linear Models," Bulletin of Economic Research, Wiley Blackwell, vol. 62(1), pages 79-96, January.

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